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Contributor
poops
Posts: 76
Registered: ‎04-11-2007

49 Point Drop!!! - Wow!

My EQ FICO score started at 768. I had a balance on an existing CC that I wanted to transfer to a 0% card. So, I bit the bullet and applied online for a Chase Slate and was instantly approved for $6k. Called the executive office and successfully increased the limit to $20k.

 

A few days later, I received an alert from Scorewatch informing me that my score dropped to 719. Imagine my schock. This was my first time applying for any credit in over 2 years.

 

Any insight as to what happenned here? I'm assuming it was a rebucketing... My score is creeping upward - at 728 now...

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: 49 Point Drop!!! - Wow!

20-25 is normal for some when adding a new TL.

 

Was everything EXACTLY the same between the 768 and 719 excluding the new TL?

 

Did the new TL include a balance from the transferred CCs? If so, that can explain an additional loss...adding a TL with a non-$0 balance.

 

If the new TL did report a balance, did the balances decrease on the other CCs? If not, util could have increased for the short-term.

 

 

Established Contributor
VirtualCuriosity
Posts: 609
Registered: ‎09-10-2010

Re: 49 Point Drop!!! - Wow!

Plus you might have gotten two INQs that same day.  I keep reading that Chase HPs every time you CLI even if it is that close to original approval.


TU98 697, TU08 697, EQ 733, EX 691 (As of 7/2014) - Personal Goal = 760+

Gardening since 7-13-14


Contributor
poops
Posts: 76
Registered: ‎04-11-2007

Re: 49 Point Drop!!! - Wow!


llecs wrote:

20-25 is normal for some when adding a new TL.

 

Was everything EXACTLY the same between the 768 and 719 excluding the new TL?

 

Did the new TL include a balance from the transferred CCs? If so, that can explain an additional loss...adding a TL with a non-$0 balance.

 

If the new TL did report a balance, did the balances decrease on the other CCs? If not, util could have increased for the short-term.

 

 


Well, when the new card was available, I initiated the balance transfer from the old card to the new one. However, due to the timing of the statement cuts, the credit report still showed a balance on the old card, as well as the new one. So, instead of having one card show the balance, I had two cards showing the same balance. But, that has since been corrected, and my score still has not rebounced anywhere close to where it was originally.

 

Makes sense??

Contributor
poops
Posts: 76
Registered: ‎04-11-2007

Re: 49 Point Drop!!! - Wow!


VirtualCuriosity wrote:

Plus you might have gotten two INQs that same day.  I keep reading that Chase HPs every time you CLI even if it is that close to original approval.


I did get 2 inquiries from the application - EQ & TU. Not from the CLI request.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: 49 Point Drop!!! - Wow!


poops wrote:

llecs wrote:

20-25 is normal for some when adding a new TL.

 

Was everything EXACTLY the same between the 768 and 719 excluding the new TL?

 

Did the new TL include a balance from the transferred CCs? If so, that can explain an additional loss...adding a TL with a non-$0 balance.

 

If the new TL did report a balance, did the balances decrease on the other CCs? If not, util could have increased for the short-term.

 

 


Well, when the new card was available, I initiated the balance transfer from the old card to the new one. However, due to the timing of the statement cuts, the credit report still showed a balance on the old card, as well as the new one. So, instead of having one card show the balance, I had two cards showing the same balance. But, that has since been corrected, and my score still has not rebounced anywhere close to where it was originally.

 

Makes sense??


Makes perfect sense. Your FICO won't rebound to where it was before due to the new credit. However, in the next few months you'll see gradual increases as that new TL ages. I bet you'll be back to normal and beyond inside a year.


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